The 2024 presidential election is right around the corner, and it seems that it will once again be a close race between former president Donald Trump and current president Joe Biden.
These candidates couldn’t be more different in their personalities, policies, and even plans for the next four years. No one knows yet who is going back to the Oval Office, but many political experts are favoring Trump. If he does win, there are a few highly likely changes that everyone should be aware of.
The President Absolutely Affects the Economy
It’s important to understand that whoever is president of the United States significantly affects the entire economy of the country.
From changes in taxation and inflation, adjustments to government programs, and even stock market fluctuations, the American people should be ready for big economic changes in November if Donald Trump wins again.
Trump Will Likely Make Changes to Government Assistant Programs
One of the first significant shifts Trump will make if he wins is to decrease how much the government spends on government assistance programs.
During Trump’s first presidency, he pushed to cut the country’s food stamp program, SNAP (Supplemental Nutrition Assistance Program) for up to 700,000 Americans. After Biden won in 2020, the Democratic president dropped the plan, but many believe that Trump will reinstate the restrictions as soon as he is back in office.
Donald Trump Won’t Be Offering as Many Green Energy Rebates
Trump has never supported the fight against climate change or incentivized green energy practices as Biden has.
In 2022, Biden signed the Inflation Reduction Act, which allowed for $8.8 billion in Home Energy Rebates to be distributed to Americans using clean energy sources. However, Trump will most likely repeal this legislation almost immediately.
Donald Trump Plans to Add Additional Tariffs to Foreign Products
When Trump was president, he imposed several tariffs on non-domestic products, and it’s widely believed that he will do so again if he is re-elected.
While financial experts are torn as to whether or not this is the best practice for the American people, one thing is for sure: If Trump goes ahead with these tariffs, all foreign products will be far more expensive.
The Trump Administration Will Favor Business Owners
In 2017, Trump passed the Tax Cuts and Jobs Act, which was a giant overhaul of the country’s taxation rates. Within this legislation, Trump essentially gave business owners a huge tax cut
If he is elected again, his administration will likely take even more steps to favor entrepreneurs and small business owners.
How Donald Trump Will Affect the Stock Market
It’s challenging to find something that all financial experts agree upon, but one thing is for sure: The stock market is directly affected by whoever is president of the United States.
Now, some are arguing that Trump is the riskier candidate when it comes to ensuring a stable stock market. Whereas others believe that the stock market could and likely will significantly improve under his leadership.
Making Smart Investments Over the Next Few Months
The stock market is always volatile, but as November 5, 2024 gets closer and closer, it’s more important than ever to make safe and calculated investments.
For those who don’t understand the ins and outs of the market and the possibility for turbulence in the coming months, it may be time to reach out to an expert for help to ensure they don’t wind up losing it all.
The Trump Administration Will Assist Oil and Gas Companies, Unlike Biden
Biden’s presidency was heavily focused on investing in renewable energy resources and cutting back on fossil fuels, such as gas and oil.
However, Trump will likely swing the other way and refocus on encouraging oil and gas production. So, when it comes to thinking about the right investment, oil and gas is certainly the better choice over green energy production if Trump wins.
Will Trump Be Good for the Economy?
As always, there are two very different answers as to whether or not Trump will be good for the economy. Many Democrats would argue that Trump’s policies are risky and, therefore, will have negative effects on a stable economy.
But Republicans, and Trump himself, say that he did improve the overall economy during his first four years, and will absolutely do so again.
Has President Biden Been Good for the Economy?
In the same way, there is a huge divide within Americans as to whether or not President Joe Biden has been good or bad for the nation’s economic growth.
The truth is that the past four years have been wildly tumultuous for Americans, from the COVID-19 pandemic, to increasing costs of living, and mortgage rates through the roof. Some blame Biden for these troubling times, while others say he has done a great job keeping things as stable as possible.
It’s Crucial to Have Some Money Saved by November
As the race for presidency is currently between the current president and a former president, Americans have a more in depth understanding than they usually do about what the economy will look like come November 2024.
However, that doesn’t mean there still can’t be a few surprises waiting for them, no matter who wins the race. Therefore, it’s absolutely essential to have an emergency savings fund, separate from investments, coming into the presidential election.
